For the week of August 7, 2023

Last Week's Mortgage Rate Recap: Rates slightly worse 👎
Mortgage rates once again saw a lot of volatility, this time moving steadily higher through the week before improving Friday on weaker than expected jobs data.

This Week's Mortgage Rate Forecast: Rates could improve 👍
This week brings new inflation data, as well as a slew of Treasury auctions that could cause some volatility for mortgage rates. However, the current outlook is that the data will be good for rates.

What's affecting rates this week:
- Inflation data: Consumer inflation data comes out Thursday, with wholesale inflation data coming out on Friday. If the data shows that inflation is moving lower, mortgage rates could improve on the news. However, if the data shows inflation is heating back up we could see mortgage rates move higher, although that is much less likely.
- Treasury auctions: Mortgage rates are influenced by the price of Treasuries, and a large issuance of new debt this week could push yields higher, which would also mean slightly higher mortgage rates could follow.
- The Fed: Mortgage rates currently reflect the belief that the Fed is done raising rates, but if strong economic data causes markets to anticipate another potential hike we could see mortgage rates move higher.